The Korean prosecution filed a lawsuit on Monday against four major domestic refineries for alleged violations of the Fair Trade Act and alleged complicity in raising domestic fuel prices following the Middle East conflict. The alleged companies include HD Modern Refinery, SK Energy, GS Caltex and S-Oil.
According to the prosecution, HD modern refined oil and SK energy were colluding in the sale of 14.2 trillion won (approximately $9.2 billion) of oil, and GS Caltex and S-Oil imitated these prices, resulting in a total anti-competitive impact of approximately 26 trillion won.
According to the prosecution, the investigation was conducted against the backdrop of the sharp rise in domestic oil prices following the conflict between the United States and Iran, and the two companies were found to be complicit in pricing executives as the main reason for the increase.
The prosecution notes that this conspiracy was not an accident, but a long-standing and systematic practice that surfaced during a global crisis.
On Twitter, President Lee Ming warned that refineries and enterprises involved in price manipulation would be held accountable and vowed to take all legal measures to combat immoral business practices.
S-Oil refused to comment on the matter, and HD modern refining, SK energy and GS Caltex are currently not in a position to contact the comments.